GLD vs. XAUUSD=X
GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 10 years, GLD returned 11.29%/yr vs 11.72%/yr for XAUUSD=X. Their 0.96 correlation means they have historically moved very closely together.
Performance
GLD vs. XAUUSD=X - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with GLD having a -6.21% return and XAUUSD=X slightly lower at -6.34%. Both investments have delivered pretty close results over the past 10 years, with GLD having a 11.29% annualized return and XAUUSD=X not far ahead at 11.72%.
GLD
- 1D
- 0.05%
- 1M
- -1.70%
- 6M
- -12.97%
- YTD
- -6.21%
- 1Y
- 20.25%
- 3Y*
- 27.30%
- 5Y*
- 17.00%
- 10Y*
- 11.29%
- ALL TIME*
- 10.28%
XAUUSD=X
- 1D
- -0.33%
- 1M
- -3.05%
- 6M
- -13.14%
- YTD
- -6.34%
- 1Y
- 20.53%
- 3Y*
- 27.74%
- 5Y*
- 17.45%
- 10Y*
- 11.72%
- ALL TIME*
- 9.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.42B | $2.35B | $2.72B | |
XAUUSD=X Gold Spot Price US Dollar | $2.28B | $2.41B | $2.74B |
GLD vs. XAUUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -6.21% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
XAUUSD=X Gold Spot Price US Dollar | -6.34% | 64.75% | 27.24% | 13.14% | -0.25% | -3.50% | 24.55% | 18.77% | -1.71% | 13.14% |
Correlation
The correlation between GLD and XAUUSD=X is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007 | 0.96 |
The correlation between GLD and XAUUSD=X shifts across timeframes, from 0.81 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLD vs. XAUUSD=X — Risk / Return Rank
GLD
XAUUSD=X
GLD vs. XAUUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Gold Spot Price US Dollar (XAUUSD=X). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLD | XAUUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.61 | +0.16 |
| Martin ratioReturn relative to average drawdown | 1.65 | 1.31 | +0.35 |
Loading charts...
Drawdowns
GLD vs. XAUUSD=X - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, roughly equal to the maximum XAUUSD=X drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for GLD and XAUUSD=X.
Loading charts...
Drawdown Indicators
| GLD | XAUUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -44.69% | -0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -26.61% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -26.61% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -26.61% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -26.61% | +0.21% |
Current DrawdownCurrent decline from peak | -25.04% | -25.29% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -16.64% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.29% | 13.86% | -1.57% |
Volatility
GLD vs. XAUUSD=X - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 6.05% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.25%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | XAUUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.05% | 5.25% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 20.95% | 16.33% | +4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.11% | 24.06% | +4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 16.96% | +1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.14% | 15.25% | +0.89% |
Frequently Asked Questions
GLD and XAUUSD=X have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (6.05%) compared to XAUUSD=X (5.25%). In terms of maximum drawdown, GLD dropped -45.56% vs XAUUSD=X's -44.69%.
GLD currently has the higher Sharpe Ratio (0.72 vs 0.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for GLD and XAUUSD=X
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer